China Tells

What is the real cause of Financial Crisis that unfolded in 2008? There are a lot of differing views and opinions. One of the most common believies is that it is the imbalance between China and US to cause the 08 Financial Crisis. China over saves and US over consumes, and China’s fixed currency exchange rate worsened the situation. It is never crystal clear whether such a logic is sound, but there are a lot of doubts on the market (See Article from WSJ). Mr. Zachary Karabell, the author of ‘Superfusion: How China and America Became one Economy’, is among the suspicious camp. It seems that the world economy was never ‘balanced’ in the history of human being, be it post WWII, when US financed the bulk of European recovery through Marshall Plan; or post Cold War 90s, when US companies dominate the Fortune 500. Therefore it is difficult to link the causality between the current crisis and an ‘imbalanced’ world economy. According to Mr. Karabell, the real reason of the crisis is the abuse of financial system and excessive greed and thereafter risk taking of banks instead of the imbalance in world economy.

08年开始的国际金融危机深深影响了每一个人，而这场危机的原因也成为各方讨论的热点话题。对于这场危机的原因有很多理论解释，其中比较受关注的一条是中美经济的不平衡造成了这场危机。中国消费不足储蓄过高，美国过度消费欠债过多。因此要避免危机重现就要解决这个不平衡，简而言之就是中国人要多消费，美国人要收紧裤腰带。但是事实果真如此么，原因真的就这么简单么，众说纷纭，这里也有不同的看法。